Citi Private Bank was named favourite private bank among Asian clients with at least $25 million in assets under management in the annual poll from Asiamoney magazine. The bank was also voted best private bank in Hong Kong by ultra high net worth clients in the territory. Half of the region’s billionaires bank with Citi Private Bank: according to the Merrill Lynch Cap Gemini Asia Pacific Wealth Report 2007, there were 18,200 UHNWs - defined as those with at least $30 million in financial assets - in Asia, controlling more than $2 trillion worth of wealth, so that although UHNWs in Asia represent only 0.7 per cent of total high net worth population, they possess nearly a quarter of total high net worth wealth. Asia’s UHNW population grew at a significantly faster pace than the broad HNW population in 2006, suggesting that wealth will concentrate as Asian wealth management markets continue to develop, making the UHNW segment a critical one for wealth managers in Asia.